VeThor (VTHO) price diverges with VeChain (VET)

December 11, 2023 05:28 AM PST | By Invezz

Google News:

VeThor (VTHO) price diverges with VeChain (VET) — Image source: Invezz

Recent News

Kalkine : BSMS Drawing Attention Across Nasdaq Composite Index

Kalkine : Brooge Energy Short Interest Is Rising on Nasdaq Composite

Kalkine : Xylem Performance on NYSE Composite Index Today

Kalkine Captivision Inc Ticker CAPTW Draws Nasdaq Composite Attention

VeChain (VET) and VeThor (VTHO) prices went separate ways on Monday as the recent altcoin rally paused. VTHO went parabolic and reached an intraday high of $0.0030, its highest point since May 2022. It was up by over 76% from its lowest point to its highest level during the day.

VeChain, on the other hand, went in the other direction as it slumped to $0.0248 and then rebounded to $0.028. Still, the coin, which was a top-twenty cryptocurrency at its peak, has risen by over 97% from its lowest point in October.

VeChain and VeThor are tokens in the same ecosystem. VET is the main token for the VeChain network while VTHO is used to pay gas in the ecosystem. VET, with a market cap of over $2 billion is bigger that VTHO, which is valued at $184 million.

It was not clear why VTHO jumped sharply on Monday even as Bitcoin and other cryptocurrencies retreated. Bitcoin had a flash crash, which pushed its price to $40,000, down from last week’s high of $45,000. Similarly, other altcoins like Avalanche, Handy, RabbitX retreated sharply too.

The most recent VeChain news came out recently as it became the first public blockchain to implement a transaction fee delegation. This news allowed ordinary people to use dApps without having to purchase crypto directly. This news came as VeChain unveiled its dApp kit that aims to transform the dApp building industry.

Meanwhile, on-chain data shows that VET and VTHO have continued to add users. Data shows that VET has reached over 900k token holders while VTHO has over 2.5 million. Most of these new account additions happened during the ongoing altcoin bull run.

We're changing the game for #dApp builders – Introducing the new #vechain dApp Kit!

We’re thrilled to share our cutting-edge frontend library, built to streamline the development of decentralized applications (dApps) on the VechainThor #blockchain.

Our comprehensive toolkit… pic.twitter.com/nufQNC5M3V
— vechain (@vechainofficial) December 6, 2023

rVTHO’s rally on Monday happened in a low-volume environment. Data compiled by CoinGecko shows that the volume in the 24 hours stood at over $1.6 million, down from over $2.2 million in the same period on Sunday. Therefore, there is a possibility that this VeThor rally is just a pump among social media traders. In the past, we have seen these traders pump some big tokens like Avalanche (AVAX) and smaller ones like BENQI, TrustSwap, and Hubble.

The post VeThor (VTHO) price diverges with VeChain (VET) appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.